correction\cor*rec"tion\ (k?r-r?k"sh?n), n. [l. correctio: cf. f. correction.]1. the act of correcting, or making that right which was wrong; change for the better; amendment; rectification, as of an erroneous statement. the due correction of swearing, rioting, neglect of god's word, and other scandalouss vices.2. the act of reproving or punishing, or that which is intended to rectify or to cure faults; punishment; discipline; chastisement. correction and instruction must both work ere this rude beast will profit.3. that which is substituted in the place of what is wrong; an emendation; as, the corrections on a proof sheet should be set in the margin.4. abatement of noxious qualities; the counteraction of what is inconvenient or hurtful in its effects; as, the correction of acidity in the stomach.5. an allowance made for inaccuracy in an instrument; as, chronometer correction; compass correction.correction line (surv.), a parallel used as a new base line in laying out township in the government lands of the united states. the adoption at certain intervals of a correction line is necessitated by the convergence of of meridians, and the statute requirement that the townships must be squares.

Used in the context of general equities. Reverse movement, usually downward, in the price of an individual stock, bond, commodity, or index. If prices have been rising on the market as a whole, then fall dramatically, this is know as a correction within an upward trend. Antithesis of a technical rally. See: dip, break.

(n.)
The act of reproving or punishing, or that which is intended to rectify or to cure faults; punishment; discipline; chastisement. (n.)
The act of correcting, or making that right which was wrong; change for the better; amendment; rectification, as of an erroneous statement. (n.)
That which is substituted in the place of what is wrong; an emendation; as, the corrections on a proof sheet should be set in the margin. (n.)
An allowance made for inaccuracy in an instrument; as, chronometer correction; compass correction. (n.)
Abatement of noxious qualities; the counteraction of what is inconvenient or hurtful in its effects; as, the correction of acidity in the stomach.

Chastisement by one having authority of a person who has committed some offence, for the purpose of bringing him to legal subjection.

It is chiefly exercised in a parental manner, by parents or those who are placed in loco parentis. A parent may therefore justify the correction of the child either corporally or by confinement; and a schoolmaster, under whose care and instruction a parent has placed his child, may equally justify similar correction; but the correction in both, cases must be moderate and in proper lawful manner.

The master of an apprentice, for disobedience, may correct him moderately but he cannot delegate the authority to another.

A master has no right to correct his servants who are not apprentices.

Soldiers are liable to moderate correction from their superiors. For the sake of maintaining their discipline on board of the navy, the captain of a vessel, either belonging to the United States or to private individuals, may inflict moderate correction on a sailor for disobedience or disorderly conduct. Such has been the general rule. But by a proviso to an act of Congress, approved September, l850, flogging in the navy and on board vessels of commerce was abolished.

Any excess of correction by the parent, master, officer or captain may render the party guilty of an assault and battery, and liable to all its consequences. In prisons, the keepers have the right to correct the prisoners within lawful limits.

This entry contains material from Bouvier's Legal Dictionary, a work published in the 1850's.